We were joined by a member of the Tinubu/ Shettima team, Asuquo Ekpenyong, to take a closer look at the Tinubu/ Shettima plan for SMEs.
Talking about the issue of Forex fluctuation and what his administration plan to do on the issue Asuquo Ekpenyong said, ” For us to really deal with that, we have to take stuck as to where we are and how we got here.
Globally over the last 24 months, the world has experienced very serious global shocks, we had the Coronavirus pandemic, the first pandemic of this magnitude in a century, we have the Europe war between Ukraine and Russia and this has affected Nigeria’s economy and of course our currency.
But it is important to also know that the fluctuation of the economy is not far-fetched when you look at it. It’s a negative balance of trade. Nigeria imports almost everything and what it export there’s little processing that is done to it.
A way to strengthen Niara is Import substitution. The Tinuba /Shetioma administration will aggressively grow the small and medium enterprises to ensure that daily household goods that are consumed can be produced locally in Nigeria.
Another issue with the currency is also that of speculation, the run in the currency which is actually done by the lack of investors’ confidence in the market. The Tinubu Shetima administration will ensure that it signals the global economy and global investors to take a position that is long-term for strengthening the naira.
To bring g that home, the Tinubu/Shetima administration will within a year, will look to unify the Effex market. Creating a transparent foreign exchange market that is accessible to all.
It would over a period of time ensure it can depreciate the foreign exchange ban by strategic intervention in the market.
See the video below for more!
